This blade is made of a coarsely laminated steel in which layers of contrasting alloys have first been forged parallel to the flat faces of the 'proto -' blade and then a design drilled out and the whole then reforged flat and ground to disclose the disturbances created in the layering. It appears to be a good piece of work although I cannot tell how old it is.
Please see
this article elsewhere on the site for a further discussion.